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Gold upward move to 1310-1315 likely in next few days

07 Feb 2018

Gold declined after hitting a multi month high of $1346.77 to a low of $1280 levels seen yesterday.Since August’s low, gold had gained increasingly bullish attention which saw it trade nicely within a tight upward trendline as seen on the chart below .In the chart it shows how the trend line was broken at 1310-1315 levels and lead to bigger fall to 1280.Yesterday close was a " hammer formation " hence a correction to 1310-1315 cannot be ruled out in next few days before resuming a downward trend again.In MCX a move to 32650 is very likely in next few days before resuming the downward trend again.

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